Mortgage application volume increased last week as applications for government loans jumped by more than 10 percent, likely due to borrowers trying to beat the scheduled fee increases on FHA mortgages according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 30, 2012.

The Market Composite Index, a measure of mortgage loan application volume which includes purchase applications and refinance applications, increased a seasonally adjusted 4.8 percent from the previous week.

On an unadjusted basis, the Index increased 5.0 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is down 2.07 percent.

Michael Fratantoni, MBA’s Vice President of Research and Economics, stated, “Applications to buy a home picked up last week, and are running more than two percent above the level reported at this time last year. Home purchase applications for conventional loans are now about 10 percent above last year’s level. Applications for government loans increased by more than 10 percent over the week, for both purchase and refinance, likely spurred by borrowers seeking to apply before scheduled increases in FHA mortgage insurance premiums at the beginning of April.”

Purchase Applications:

The seasonally adjusted Purchase Index increased 7.2 percent from the previous week. The four week moving average is up 3.48 percent for the adjusted Purchase Index.

The unadjusted Purchase Index increased 7.6 percent compared with the previous week and was 2.4 percent higher than the same week a year ago.

Refinance Applications:

The Refinance Index increased 4.0 percent from the previous week, the first increase for the Index in seven weeks. The four week moving average for the Index is down 3.73 percent.

The refinance share of mortgage activity decreased to 71.2 percent of total applications from 73.4 percent the previous week, the lowest share since the end of July in 2011.

Mortgage Interest Rates:

Average Contract Mortgages Rates
(80% loan-to-value)

Type of
Loan

Interest Rate (%)

Points

Effective Rate

Current

Previous

Current

Previous

30-Year FRM Conforming
($417,500 or less)

4.16

4.23

0.43

0.45

Decreased

30-Year FRM Non-Conforming
($417,501 or more)

4.46

4.54

0.49

0.46

Decreased

15-Year FRM

3.40

3.50

0.41

0.42

Decreased

FHA 30-Year

3.89

3.96

0.46

0.49

Decreased

5/1 ARM

2.93

3.00

0.34

0.42

Decreased

The adjustable-rate mortgage (ARM) share of activity increased to 5.5 percent of total applications from 5.4 percent the previous week.

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

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Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.

NO OBLIGATION. NO HIDDEN FEES

Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.

NO SSN OR CREDIT CHECK

No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

Mortgage application volume increased last week as applications for government loans jumped by more than 10 percent, likely due to borrowers trying to beat the scheduled fee increases on FHA mortgages according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 30, 2012.

The Market Composite Index, a measure of mortgage loan application volume which includes purchase applications and refinance applications, increased a seasonally adjusted 4.8 percent from the previous week.

On an unadjusted basis, the Index increased 5.0 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is down 2.07 percent.

Michael Fratantoni, MBA’s Vice President of Research and Economics, stated, “Applications to buy a home picked up last week, and are running more than two percent above the level reported at this time last year. Home purchase applications for conventional loans are now about 10 percent above last year’s level. Applications for government loans increased by more than 10 percent over the week, for both purchase and refinance, likely spurred by borrowers seeking to apply before scheduled increases in FHA mortgage insurance premiums at the beginning of April.”

Purchase Applications:

The seasonally adjusted Purchase Index increased 7.2 percent from the previous week. The four week moving average is up 3.48 percent for the adjusted Purchase Index.

The unadjusted Purchase Index increased 7.6 percent compared with the previous week and was 2.4 percent higher than the same week a year ago.

Refinance Applications:

The Refinance Index increased 4.0 percent from the previous week, the first increase for the Index in seven weeks. The four week moving average for the Index is down 3.73 percent.

The refinance share of mortgage activity decreased to 71.2 percent of total applications from 73.4 percent the previous week, the lowest share since the end of July in 2011.

Mortgage Interest Rates:

Average Contract Mortgages Rates
(80% loan-to-value)

Type of
Loan

Interest Rate (%)

Points

Effective Rate

Current

Previous

Current

Previous

30-Year FRM Conforming
($417,500 or less)

4.16

4.23

0.43

0.45

Decreased

30-Year FRM Non-Conforming
($417,501 or more)

4.46

4.54

0.49

0.46

Decreased

15-Year FRM

3.40

3.50

0.41

0.42

Decreased

FHA 30-Year

3.89

3.96

0.46

0.49

Decreased

5/1 ARM

2.93

3.00

0.34

0.42

Decreased

The adjustable-rate mortgage (ARM) share of activity increased to 5.5 percent of total applications from 5.4 percent the previous week.

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.

HOWMORTGAGELOANRATEUPDATEWORKS

Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.

ADVANTAGES OF USINGMORTGAGELOANRATEUPDATE

FAST & EASY. DATA ENCRYPTED

Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.

NO OBLIGATION. NO HIDDEN FEES

Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.

NO SSN OR CREDIT CHECK

No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

Mortgage application volume increased last week as applications for government loans jumped by more than 10 percent, likely due to borrowers trying to beat the scheduled fee increases on FHA mortgages according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 30, 2012.

The Market Composite Index, a measure of mortgage loan application volume which includes purchase applications and refinance applications, increased a seasonally adjusted 4.8 percent from the previous week.

On an unadjusted basis, the Index increased 5.0 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is down 2.07 percent.

Michael Fratantoni, MBA’s Vice President of Research and Economics, stated, “Applications to buy a home picked up last week, and are running more than two percent above the level reported at this time last year. Home purchase applications for conventional loans are now about 10 percent above last year’s level. Applications for government loans increased by more than 10 percent over the week, for both purchase and refinance, likely spurred by borrowers seeking to apply before scheduled increases in FHA mortgage insurance premiums at the beginning of April.”

Purchase Applications:

The seasonally adjusted Purchase Index increased 7.2 percent from the previous week. The four week moving average is up 3.48 percent for the adjusted Purchase Index.

The unadjusted Purchase Index increased 7.6 percent compared with the previous week and was 2.4 percent higher than the same week a year ago.

Refinance Applications:

The Refinance Index increased 4.0 percent from the previous week, the first increase for the Index in seven weeks. The four week moving average for the Index is down 3.73 percent.

The refinance share of mortgage activity decreased to 71.2 percent of total applications from 73.4 percent the previous week, the lowest share since the end of July in 2011.

Mortgage Interest Rates:

Average Contract Mortgages Rates
(80% loan-to-value)

Type of
Loan

Interest Rate (%)

Points

Effective Rate

Current

Previous

Current

Previous

30-Year FRM Conforming
($417,500 or less)

4.16

4.23

0.43

0.45

Decreased

30-Year FRM Non-Conforming
($417,501 or more)

4.46

4.54

0.49

0.46

Decreased

15-Year FRM

3.40

3.50

0.41

0.42

Decreased

FHA 30-Year

3.89

3.96

0.46

0.49

Decreased

5/1 ARM

2.93

3.00

0.34

0.42

Decreased

The adjustable-rate mortgage (ARM) share of activity increased to 5.5 percent of total applications from 5.4 percent the previous week.

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.

ADVANTAGES OF USINGMORTGAGELOANRATEUPDATE

FAST & EASY. DATA ENCRYPTED

Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.

NO OBLIGATION. NO HIDDEN FEES

Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.

NO SSN OR CREDITCHECK

No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

MortgageLoanRateUpdate

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